Kenya retirement readiness report shows 70% at risk

The inaugural SanlamAllianz Kenya Retirement Benchmark Report 2026, titled ‘Kenya Before It Ages’, reveals that seven in ten Kenyans are not on track for a comfortable retirement. The study, launched in Nairobi, identifies household and family expenses as the primary barrier for 44% of respondents, followed by low or irregular income at 37% and debt repayments at 24%.

Financial stability is precarious for many, with 39% of respondents stating they could cover basic household expenses for only two months or less if their income ceased. Family responsibilities also play a significant role, as 62% of those surveyed reported that supporting dependents reduced the funds available for savings.

Recent trends show a decline in savings consistency; 23% of participants dipped into their savings or reduced retirement contributions in the past year, a figure that rises to 29% among those aged 20–39. Furthermore, when leaving jobs or closing businesses, 53% of respondents withdrew part of their retirement funds, while 26% cashed out entirely. Awareness gaps remain a challenge, with 20% of contributors unaware of their total savings and 53% lacking a funded plan for post-retirement healthcare.